Yes, the newest update to the Switch Parental Controls App directly mentions the 5.0.0 Switch update, and states that some of the new parental control features will not be available until the launch of the new Switch system firmware. Nintendo has also teased that it is possible to get the recording time up to 15 minutes so this can also be implemented with a future firmware update.
As outlined on Nintendo's official support site, the update has added Facebook and Twitter Friend Suggestions, which suggests friends to add based on the Facebook and Twitter accounts linked to your Nintendo Account. This feature allows you to add specific software titles to the whitelist in order to exclude them from some Parental Controls restrictions on the Nintendo Switch console.
When you're ready to install the update, choose "update" to install.
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The time range for the bedtime alarm has been extended to between 16:00 and 23:45. Nintendo has been hugely supportive of bringing independent releases to the Nintendo Switch console, and this partnership will mean even more wonderful games are released on the platform.
Other small improvements have also been made.
We're working hard to ensure the Nintendo Switch version of GameMaker Studio 2 retains the already excellent functionality of the engine, and we are committed to supporting developers and studios who are keen to make the jump to Nintendo's record-breaking console.